Indian IPO

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Tuesday, May 08, 2007

DLF IPO gets SEBI nod; to dilute 10% equity

Delhi-based real estate company, DLF has got SEBI clearance for its IPO today. The management has not yet decided on the timing or the pricing of the IPO, informs DLF. The issue will involve an equity dilution of 10%, informs DLF.

Rajeev Talwar, Group Executive Director at DLF says that their current land bank is at 10,255 acres and they have no land bank valuations in DRHP for now.

DLF was planning an IPO of 17.5 cr shares worth USD 2.5 billion (Rs 11,000 crore) of Rs 2 each through 100% book building process.

Overall, the company plan to reserve 2 lakh equity shares for allotment to employees. Of the balance, 60% will be allotted to QIBs (qualified institutional buyers) and at least 10% will be available for non-institutional investors. Retail investors will be allocated 30% of the shares.

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